Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Note 2 - Basis of Accounting - These financial statements are prepared on the accrual basis of accounting. The accountsof the Foundation are maintained in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) relevant to not-for-profit organizations.
De Minimis Rate Used: N
Rate Explanation: Note 5 - The auditee did not use the de minimis cost rate. The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits, depending on individual grant requirements and as approved by the U.S. Department ofEducation.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Foundation under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.
Title: Note 3 - Credit Enhancement for Charter School Facilities Program
Accounting Policies: Note 2 - Basis of Accounting - These financial statements are prepared on the accrual basis of accounting. The accountsof the Foundation are maintained in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) relevant to not-for-profit organizations.
De Minimis Rate Used: N
Rate Explanation: Note 5 - The auditee did not use the de minimis cost rate. The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits, depending on individual grant requirements and as approved by the U.S. Department ofEducation.
Funds shown as federal expenditures under the program are the original federal funds drawn plus interest and fees earned. $4,358,983 of the funds are being held in accounts with financial institutions in accordance with the program requirements and the remaining amount of $3,375,000 has been loaned and is outstanding as of June 30, 2022. No funds were expended for obligations secured or collateralized in accordance with the program in the fiscal year ended June 30, 2022. Interest earned on the funds through June 30, 2022 totaled $928,092 and remained with grant funds to be expended.
Title: Note 4 - Subrecipients
Accounting Policies: Note 2 - Basis of Accounting - These financial statements are prepared on the accrual basis of accounting. The accountsof the Foundation are maintained in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) relevant to not-for-profit organizations.
De Minimis Rate Used: N
Rate Explanation: Note 5 - The auditee did not use the de minimis cost rate. The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits, depending on individual grant requirements and as approved by the U.S. Department ofEducation.
Of the federal expenditures presented in the Schedule, the Foundation provided federal awards to subrecipients under the following program: Supporting Effective Educator Development Grant Program 84.423A $ 1,510,066